Oil prices rose with the approach of reaching an agreement on the US debt ceiling


Oil prices rose again in global markets, with US officials close to reaching an agreement on the government debt ceiling, and in light of the market’s assessment of divergent messages about supplies ahead of the next meeting of the “OPEC Plus” alliance on production policy.
Brent crude rose 69 cents, or 0.9%, to $76.95 a barrel at settlement, and the US West Texas Intermediate crude rose 84 cents, or 1.2%, to $72.67 a barrel.
On a weekly basis, the two benchmarks recorded gains for the second week in a row, amounting to 1.7% for Brent, and 1.6% for WTI, but the markets remain cautious with the possibility of an extension of the debt ceiling talks.
And there were new concerns about a possible increase in interest rates by the Federal Reserve (the US central bank) next month, which would reduce demand after a strong reading of consumer spending and inflation in the United States.


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